Benjamin Grahams Core Principles:

1. A stock is not just a ticker symbol or an electronic blip; it is an ownership interest

in an actual business, with an underlying value that does not depend on its share
price.
2. The market is a pendulum that forever swings between unsustainable optimism
(which makes stocks too expensive) and unjustified pessimism (which makes
them too cheap). The intelligent investor is a realist who sells to optimists and
buys from pessimists.
3. The future value of every investment is a function of its present price. The higher
the price you pay, the lower your return will be.
4. No matter how careful you are, the one risk no investor can eliminate is the risk of
being wrong. Only by insisting on what Graham called the margin of safety
never overpaying, no matter how exciting an investment seems to be- can you
minimize your odds of error.
5. The secret to your financial success is inside yourself. If you become a critical
thinker who takes no Wall Street fact on faith, and you invest with patient
confidence, you can take steady advantage of even the worst bear markets. By
developing your discipline and courage, you can refuse to let other peoples mood
swings govern your financial destiny. In the end, how you investments behave is
much less important than how you behave.